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Public Thread X EIN 88-2752338

Public Thread X

EIN  88-2752338 Public charity (501(c)(3)) Grand Rapids, MI Founded 2022
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Size
$100K–1M
What they do
Creates living-wage jobs, offers training, and upcycles textile waste for a thriving creative economy.
Leadership
Janay Brower · Founder & Ex
Money in and out
$425K revenue, $303K expenses
Bottom line
47% program efficiency

Creates living-wage jobs, offers training, and upcycles textile waste for a thriving creative economy. For fiscal year 2025 it reported $425K in revenue, $303K in expenses, and $199K in net assets.Pt I

Where the money goes · FY2025
Total revenue
$425K
Pt VIII · Ln 12
Total expenses
$303K
Pt IX · Ln 25
Net assets
$199K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $123K
Where spending went · Part IX cols B–D
Program services $0.47 Management & general $0.52 Fundraising $0.01
Program efficiency
47%
of spending reaches programs▼ -33% vs prior filing year
Operating runway
1.9mo
months of highly liquid reserves at operating expense rate▲ +280% vs prior filing year
Surplus margin
+29%
revenue over expenses, this year▲ +176% vs prior filing year

Summary of the Filing

Part I · fiscal year 2025 · Form 990
Revenue
$425K
FY2025▼ -35%
Expenses
$303K
FY2025▼ -67%
Total assets
$303K
FY2025▲ +15%
Total liabilities
$105K
FY2025▼ -44%
Total revenue
$425K
Pt VIII · Ln 12
Total expenses
$303K
Pt IX · Ln 25
Net assets
$199K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$123K
Total assetsPt X · Ln 16$303K
Program-expense ratioPt IX · col B47%
Voting members of governing bodyPt I · Ln 37
Independent voting membersPt I · Ln 47
Mission & Programs · Part III

Where the work happens

1 program service account for $144K of program spending, described in the organization's own filed words · FY2025.
01

To provide bold upcycles luxury that supports people, the planet, and the community. Part of this mission is to reduce textile waste in kent county, mi.

$144Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CPublic Thread X
EINHdr · item D88-2752338
Principal addressHdr · item CGrand Rapids, MI
WebsiteHdr · item Jwww.publicthread.org
Year of formationHdr · item L2022
State of legal domicileHdr · item MMI
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFHuman Services (P99)
Ruling yearIRS BMFAug 2022

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a7
Independent voting membersPt VI · Ln 1b7
Conflict-of-interest policyPt VI · Ln 12aNo
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Janay Brower
Founder & Ex
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Janay Brower’s $50K as Chief Executive Officer is at the 37th percentile of top reported officer pay among 2165 $100K–1M human services nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2023FY2023
Janay Brower$49,677$49,677

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Statement of Revenue

Part VIII
Contributions & grants102%$434K
— government grantsLn 1e$61K
Total revenueLn 12$425K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.47 Management & general $0.52 Fundraising $0.01
Program services47%$144K
Management & general52%$157K
Fundraising1%$2K
Total functional expensesLn 25$303K

Balance Sheet

Part X · end of year
CashLn 1$47K
Total assetsLn 16$303K
Total liabilitiesLn 26$105K
Total net assetsLn 32$199K
Months of cash on handcomputed1.9

Financial Metrics

Form 990 · FY2025 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $47K · Operating expenses/yr $303K
1.9 months
Where the money goes
Program services
Program services $144K · Total expenses $303K
47%
Management & General
Management & general $157K · Total expenses $303K
52%
Fundraising
Fundraising $2K · Total expenses $303K
1%
Cost to raise $1
Fundraising expense (3-yr avg) $16K · Solicited contributions (3-yr avg) $240K
$0.07 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $434K · Total revenue $425K
102%
Government reliance
Government grants $61K · Total revenue $425K
14%
Earned-income share
Program service revenue $0 · Total revenue $425K
0%
Investment reliance
Investment income $0 · Total revenue $425K
0%
Program self-sufficiency
Program service revenue $0 · Total expenses $303K
0%
Growth & trend
Revenue growth (YoY)
This year $425K · Prior year $656K
-35%
Net-asset trend (YoY)
End of year $199K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $425K · Expenses $303K
+29%
Liabilities-to-Assets
Total liabilities — · Total assets $303K
—
Net-asset ratio
Net assets $199K · Total assets $303K
65%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $303K
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Janay Brower · Reported title FOUNDER & EX · Highest reported compensation $0 · Total expenses $303K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $111K · Total expenses $303K
37%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 47%——
Overhead ratio 52%——
Fundraising cost ratio 0%——
Revenue growth -35%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · funders on record
Grants received · FY2024
United States Energy FoundationFY2024$50K
Grand Rapids Community FoundationFY2024$30K
Total grants receivedfrom 2 funders$80K

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2025 (Latest)$425K revenue · viewing · ⤓ 990 PDF
FY2024$656K revenue · ⤓ 990 PDF
FY2023$515K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2025IRS
Classification, formation year, addressIRS Business Master File
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